James Fisher & Sons PLC (LSE:FSJ) jumped in early trading after announcing the £90 million sale of RMSpumptools to ChampionX UK.
This was in line with the firm’s strategy to simplify its portfolio through the disposal of non-core assets, James Fisher said in a statement.
“While RMS is a leader in its markets, it is a product business operating in the oil and gas industry that has minimal synergies with the rest of the group,” the company added.
These do “not strongly align with James Fisher's strategy of focusing on maritime services to its core energy, defence and marine transport markets”.
After accounting for the likes of debt, Fisher’s proceeds from the deal, due to be closed later this year based on shareholder approval, are set to amount to £83 million and will be used to strengthen its balance sheet.
“The sale of RMS marks a significant step in simplifying our portfolio to further strengthen our financial position,” chief executive Jean Vernet commented.
“We believe the transaction represents good value for our shareholders, reflecting RMS's strong performance in recent years.”
Shares climbed 21.2% to 269.18p.